Core Viewpoint - The article discusses the impact of new regulations in the quantitative trading industry, particularly focusing on the firm Qianshu Investment, which has successfully navigated market challenges through a low-frequency Pure Alpha strategy, achieving positive excess returns even in adverse conditions [2][3][4]. Group 1: Regulatory Environment - A new regulation, termed "the strictest in quantitative history," is expected to delay trading order times, require the withdrawal of client-specific devices within three months, and assess the impact on brokerage businesses [2]. - The regulation has prompted quantitative managers to quickly prove their compliance, leading to a blame-shifting phenomenon among them [2]. Group 2: Qianshu Investment's Performance - Qianshu Investment has been focused on low-frequency strategies for eight years and has achieved positive excess returns across all product lines during a challenging market period from May to October [2]. - In February 2024, during a market downturn, Qianshu's excess drawdown was significantly lower than the industry average, recovering within four weeks and reaching new highs [3]. Group 3: Founder Background - Huang Hui, the founder of Qianshu, has a background in mathematics and experience in quantitative trading in the U.S. market, which informs his approach to risk management and strategy development [4][10]. - He has consistently chosen to focus on low-frequency strategies despite the allure of high-frequency trading, believing that the latter will eventually be dominated by a few large firms [4][13]. Group 4: Risk Management Philosophy - Qianshu's investment strategy emphasizes strict risk control, rejecting high-leverage products and strategies that could expose the firm to excessive risk [5][19]. - The firm has developed a robust risk management system that includes industry and style risk controls, ensuring that their portfolios do not overly concentrate on any single style or sector [19][21]. Group 5: Future Outlook - The firm plans to expand its management scale beyond 10 billion yuan and aims to provide asset management services to overseas clients, maintaining a focus on low-frequency Pure Alpha strategies [12][28]. - Qianshu's internal culture promotes talent retention and development, with a 100% retention rate of core research staff, which is crucial for sustaining its competitive edge in the quantitative space [27][28].

Core Viewpoint - The article highlights the evolution and future potential of the quantitative investment industry in China, emphasizing the importance of continuous innovation and adaptation in a competitive market environment [2][5][23]. Group 1: Company Overview - Maoyuan Quantitative was founded in 2013 and has grown to manage over 20 billion yuan in assets, with a focus on technology and organizational management to achieve scale effects [7][13]. - The company emphasizes a strong technical team and efficient collaboration, aiming for a 1:1 ratio of technical personnel to research staff to enhance productivity [21][30]. Group 2: Industry Insights - The concept of "signal extinction" is discussed, indicating that strong signals can become unprofitable as more capital enters the market, necessitating rapid iteration in quantitative research [3][10]. - The article predicts that in the next decade, China will see the emergence of quantitative private equity firms with thousands of employees and trillions in scale, driven by the expansion of low-frequency strategies and new asset classes [4][16]. Group 3: Competitive Landscape - The competitive nature of the market has led to significant technological advancements, with the Chinese quantitative market nearing world-class standards after a decade of evolution from imitation to innovation [5][23]. - The article notes that the industry is experiencing a shift towards multi-asset and low-frequency strategies, which are expected to create new growth opportunities [4][23]. Group 4: Future Outlook - The future of quantitative investment in China is seen as promising, with expectations of developing world-class firms and expanding into international markets [18][19]. - The article emphasizes the need for understanding overseas market rules and building global teams as key challenges for international expansion [24][25].